In its first known mortgage investigation, the Consumer Financial Protection Bureau is looking into a South Jersey company’s mortgage insurance practices.

PHH Corp., which is based in Mount Laurel, said in an SEC filing it was notified the new federal consumer agency had opened an investigation earlier this month that focused on how the company issued mortgage insurance premiums. Homeowners who put down less than 20 percent are often required to buy mortgage insurance to protect the lender in case the borrower defaults. The agency is investigating whether the company’s practices followed federal laws.

"(PHH) believes that it has complied with the Real Estate Settlement Procedures Act and other laws," according to the filing, which was made public Tuesday. "There can be no assurance whether or not this investigation will result in the imposition of any penalties and fines against the company or its subsidiaries."

A spokeswoman for PHH, Heather McElrath, said she had no further comment.

The consumer agency yesterday published its guidelines for examining mortgage originators at banks and nonbank institutions, the agency said on its website. PHH is not a bank, and the sector includes many of the largest subprime mortgage lenders during the housing bubble. The agency now has the authority to supervise that market.

"The mortgage market cannot work well for consumers if the spotlight shines only on one part of it, while the rest is left in darkness," said the CFPB’s new director, Richard Cordray. "Our supervision program will illuminate the entire marketplace by making nonbanks play by the same rules as the banks."